Analysis of Tom’s Palette Branding & Marketing Strategy
MKTG 101 - Marketing
Academic Year 2011 - 2012 Term 1
Marketing Final Report
Prepared By: Cindy Suselo Cintya Setiani Hutama Karen Leticia Mario Renaldo Maria Angelica Siborutorop
MKTG 101 – Marketing Final Report
Analysis of Tom’s Palette Branding & Marketing Strategy Introduction Tom’s Palette is a homemade ice cream shop located at Shaw Leisure Gallery. Although it has been operating since September 2005, Tom’s Palette does not have any branches. However, it gains a considerable popularity among people around the area it operates. Tom’s Palette has a unique business model. According to our interview with the owner, Mr. Chronos Chan, the store sells more than just ice cream; it sells experience. In Tom’s Palette, ice cream lovers can choose their own combination of flavors as well as try some adventurous, exotic flavors such as Wasabi Lime, Black Swirl (black glutinous rice in coconut) and even Caramelized Onion that would not be found in other ice cream shops. In addition, Mr. Chronos also underlines that the store’s vision is to instill passion for ice cream, showing customers how ice creams are supposed to taste rather than just merely selling ice creams.
Market & Consumer Analysis Over the years, there is an increasing demand for ice cream in Singapore. According to Euromonitor, ice cream market in Singapore is expected to grow at 2% constant value CAGR from 2011 to 2015. This indicates Singapore’s high potential to be a profitable market for ice cream. Such level of demand is mainly caused by Singapore’s hot and humid weather, whereby consumers in Singapore often purchase ice cream for its cooling effect. The increasing affluence and disposable income also lead to the increase in overall consumption of ice creams as nonprimary consumable goods. Moreover, based on research and relevant past survey, there are two notable trends in Singapore ice cream market. Firstly, there is an increase in the demand for premium ice creams with innovative flavors, even though traditional, single-flavored ice creams stay preferred by some people. Secondly, there are increasing concerns on healthier life style. This is backed by a past survey results conducted by Euromonitor, showing that 60% of Singaporeans are concerned about consuming healthier food. Consequently, increasing number of people prefer healthier choice of ice creams with lighter taste and lower fat. Competitors Review The growth of local homemade ice-cream outlets in Singapore creates a direct competition for Tom’s Palette in the ice cream market. The key competitors are: U.d.d.e.r.s Due to its unique name which means “cow tits” and its logo which depicts its meaning, Udders establishes a strong brand name and recognition among the public. Udders has a main store located in Novena and three other branches located in East Coast, JurongKechil, and Bukit Batok. Udders is famous due to its unique liqueur flavors such as Rum Raisin and Bailey’s & Bourbon. Additionally, Udders adopts the café style, where people, especially the youngsters, can enjoy
MKTG 101 – Marketing Final Report
Analysis of Tom’s Palette Branding & Marketing Strategy their time there. It differentiates its pricing based on the flavors. Price for classic flavors is $3.20, premium flavors is $3.90, connoisseur flavors is $5.30 per single scoop cup. Island Creamery Island Creamery has two outlets located in Bukit Timah and Great World City. Island Creamery’s unique local flavours such as TehTarik, PulutHitam and Pineapple Tarts have won the hearts of ice cream lovers in Singapore....
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